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SBP Profile picture
@StateBank_Pak
Apr 14, 2020 • 5 tweets • 3 min read • Read on X
1/5 #SBP releases Second Quarterly Report on "The State of #Pakistan's #Economy" for the year 2019-20. For details:
English: sbp.org.pk/press/2020/Pr-…
Urdu: sbp.org.pk/press/2020/Pr-…
2nd #QuarterlyReport 2019-20: sbp.org.pk/reports/quarte… Image
2/5 According to the report, stabilization efforts & regulatory measures yielded notable improvements during the 1st half of FY20. Current account deficit contracted to 6-year low, foreign exchange reserves increased, primary budget recorded a surplus, and core inflation eased.
3/5 Importantly, export-based manufacturing showed signs of traction and construction activities picked up, indicating that the economy was on the path of recovery.
4/5 Progress under the #IMF program remained on track and the credit rating agencies maintained their stable outlook for #Pakistan during the review period.
5/5 Improvements achieved in some areas are tentative and require deep structural reforms to put the economy on a firm path towards sustainable growth. More details in report: sbp.org.pk/reports/quarte…

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More from @StateBank_Pak

SBP Profile picture
May 22, 2021
1/5 SBP Clarification: The provisional estimate for FY21 growth of 3.94 percent released by the National Accounts Committee (NAC) yesterday reflects the strong economic recovery underway since the beginning of this fiscal year,
2/5 which has been highlighted in recent monetary policy statements and quarterly reports of the SBP.
SBP had raised its own growth forecast in March on the basis of buoyant economic activity reflected in different high frequency data.
3/5 This was done in an appropriately conservative manner while noting upside risks to growth. Data received since then, and discussed in the NAC, suggest these upside risks have materialized.
Read 5 tweets
SBP Profile picture
Sep 14, 2020
1/4 In August, workers’ remittances remained strong at $2.095 billion. They exceeded $2 billion for the third consecutive time since May, reaching an unprecedented level of $7.3 billion over a three-month period. Details: sbp.org.pk/press/2020/Pr-…
2/4 Remittances increased by 24.4 percent (y/y) in August and 37.2 (y/y) during June-August. This is largely in line with SBP projections.
3/4 The continued strength in remittances reflects the impact of various efforts of SBP and GoP to incentivize inflows through formal channels and the gradual reopening of businesses in major corridors of the Middle East, Europe and United States.
Read 4 tweets
SBP Profile picture
Aug 17, 2020
1/4 Overseas Pakistanis sent a record $2768 mn in July, an increase of $740 mn (or 36.5%) over last July and an increase of $302 mn (or 12.2%) over June. This is the highest ever recorded workers’ remittances in a single month. For details: sbp.org.pk/press/2020/Pr-…
2/4 July’s strong yearly growth rate is around twice as high as the Eid-ul-Adha related seasonality typically experienced over the last decade, suggesting other factors are at play.
3/4 Since the global outbreak of Corona in February 2020, remittances have increased by 14.3 percent compared to the same period last year.
Read 4 tweets
SBP Profile picture
Jul 30, 2020
1/5 #SBP releases 3rd Quarterly Report on “The State of #Pakistan’s #Economy” for the year 2019-20. For full report:
English: sbp.org.pk/reports/quarte…
Urdu: sbp.org.pk/reports/quarte… Image
2/5 The Report finds that necessary stabilization fostered significant macroeconomic improvement and helped build buffers. These improvements provided valuable space to respond to the downturn since late March 2020 due to #COVID19, through timely fiscal and monetary stimulus.
3/5 Major progress had been made during Jul-Feb FY20 in curbing Pakistan’s fiscal and current account deficits. This was reflected in strong revenue growth, the historic and smooth policy shift to a market-determined exchange rate, and the significant build-up in forex reserves.
Read 5 tweets
SBP Profile picture
Jun 11, 2020
1/6 Governor #SBP shares with Chambers of Commerce the measures to enhance utilization of Risk Sharing Facility under SBP’s Rozgar Scheme. For details: sbp.org.pk/press/2020/Pr-…
2/6 Governor shared the data of SBP’s major refinance schemes & relief package. He also gave details on the financing availed by both corporates and SMEs under its Rozgar Scheme and Risk Sharing Facility provided by the government.
3/6 As of 05th June 2020, banks have approved requests amounting to Rs 21bn for SMEs and small corporate to support payment of salaries & wages to their workers and employees.
Read 6 tweets
SBP Profile picture
May 19, 2020
1/4 By 15May20, Rs432 bn of principal repayments of loans have been deferred as part of the principal deferment scheme introduced by SBP in collaboration with the PBA. Around 600,000 borrowers have benefitted from this scheme and over Rs59 bn has been restructured/rescheduled.
2/4 Majority of the beneficiaries in the loan deferment/restructuring are microfinance borrowers who benefitted to the tune of Rs 37 billion.
3/4 Currently over 100,000 requests are being processed by the banks for deferment and restructuring/rescheduling.
Read 5 tweets

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